How to get more leads and convert those leads into clients?
Real Estate and customer service, some blog posts I have read lately would argue the two shouldn't be in the same sentence, at least with the word "good" thrown in there and I admit this post started out being negative toward those agents who give us a bad name. Rather than go to that dark place, however, I have decided to take the high road and speak to the agents who work hard, give real estate the time and attention their clients deserve and are always looking for ways to improve.
Therefore, let's talk about how to get more leads and increase your conversion rate.
If you are reading this post then you probably are already doing one important step and that's to utilize the internet. Who among us hasn't heard the statistic that 80% of buyers use the internet to shop for a home?
I set-up a lead capture form on my website where clients are required to register for foreclosure listings. I have the MLS on my website with no registration required as well as lots of good information all without any required sign-up...except my foreclosures listings. Why did I choose foreclosures and not the entire MLS? Because I personally would not want to register on a website to use the MLS but I thought it was reasonable to register for foreclosure data.
I find the leads from my lead capture to be good ones if I call right away. In many instances I call within minutes of the prospective buyer hitting the send button. If you can't respond quickly (within at least 24 hours) you're almost better off to not respond at all. At the very least send a personal email or voicemail, but I have found that anything short of talking to the person on the phone or face to face falls way short in retaining the prospective buyer or seller as a client.
There is a very small group of agents in my market who are actually making money. I have closed over 20 escrows so far this year and the majority have been with four agents and one in particular; we've shared six transactions! These agents all work full-time and give great customer service. How do I know that? They give me great service. When I call them, they return the call...right away. When I need a form to complete my closing paperwork, I have it right away and in turn I do the same for them. In fact, I give every agent the best service I can whether they return the favor or not. I don't think those of us who do their best can do so selectively, nor would we want to, it's just part of who we are.
The reason these agents are closing escrows is because they convert their leads. Three of these agents, including me, do BPO's, broker price opinions, which cause you to know your market quite well. Although I don't like doing them, they make me evaluate the data regarding recent sales, which keeps me abreast of market trends. Most of these agents handle REO's (foreclosed properties), including myself. REO listings take extra work, especially up front, but most sell quickly if the agent has done their homework (again, back to knowing your market) and priced the home properly.
These agents all answer their phone the majority of the time and if they don't and you leave a voicemail, they call you right back, usually within the hour. There is a direct correlation between successful agents and accessible agents.
All of these agents have websites and utitlize the internet in their marketing plan. I think I am the only agent in my market who blogs, which will probably change as agents start to copy what I do because of my success; however, if you don't like to write, don't bother. In that instance, blogging would be way too much of a chore to make it profitable. Your time would be better spent in optimizing your website and answering your phone.
These very busy agents can not stand it when they call an agent for a showing and that agent does not answer their phone or call back. If you make showings too difficult, your listings will not get shown. It's not too hard to make a negative name for yourself in this circumstance.
To recap, successful agents do the following:
- Internet presence
- Answer your phone
- Work full time
- Be accessible to your clients and other agents
- Return your messages quickly
- Set-up a lead capture system on your website for some specialized data
- Market your listings on Zillow, Trulia, Postlets.com, Craigslist, etc.
- Know your market. Two ways to do this: Email a monthly market report to your clients (this gives you something to email to your clients keeping you in their thoughts if only for a moment), or do BPO's. Both will give you an intimate knowledge of your market stats, which you will find extremely useful in a multitude of ways.
- Use a contact management system and email your clients at least once a month. I set-up my clients (who give permission) to receive automatic notification of listings that match their criteria. My clients LOVE this service and it takes but a minute to set-it-up and then it runs itself. If you are not using one, you should.
- Answer your phone
If you need assistance with any of these suggestions, drop me a line. I love to help agents who want to improve their skills.
Now that you have converted your leads into clienta, how do you convert the client into a closing? Believe it or not, there are agents who work against this outcome. Knowingly or unknowingly, they shoot their negotiations down and when they do manage to get an open escrow, light that on fire and watch it burn. I'll have plenty to say about how to avoid this in my next post.
Thank you for stopping by and please leave a comment.
Click here to see past market reports.
If you have any questions about buying or selling real estate in Del Norte County, give me a call. I will give you an honest answer and base what I have to say on sound market research of all pertinent data.
I am here to assist you with all your Crescent City and Del Norte County real estate needs. Thank you for stopping by and please leave a comment.
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009, 2010 and 2011--*in units sold and volume--than Fran Gatti. Put Fran to work for you!
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Even though the Internet is so important today, everyone still appreciates a personal phone call. I do a good deal of this currently, but thank you for the additional advice.
Best,
Michael
Fran,
IMHO in order to be successful in any business you need to be professional. Returning phone calls promptly and following up is key to your success.
Great advice and thank you for posting.
Sharon
Fran ... Thanks for this excellent article and suggestions about what good agents do for successful conversions.
I like what you said ~ Internet presence, Answer your phone, Work full time, Be accessible to your clients and other agents, Return your messages quickly, Set-up a lead capture system on your website for some specialized data, Market your listings on Zillow, Trulia, Postlets.com, Craigslist, etc., Know your market, email monthly market report, or do BPO's, Use a contact management system and email your clients, Answer your phone
Fran,
Professional and common courtesy requires a return phone call. If we don't return the phone call, we will lose their business! Good ideas.
Thanks for the post Fran. I think also key in retention (after conversion) is communication. I love scooping up clients who, once they sign up with a Realtor, rarely hear from them and have to chase them down for updates. Fine with me...I'll take 'em!
Fran, how do you pull your foreclosure listings? You sign up for a different service feed?
I find the leads from my lead capture to be good ones if I call right away. In many instances I call within minutes of the prospective buyer hitting the send button.
Hi Fran,
That's excellent advice. I recommend the 15 Second Rule to my clients. When you respond that quickly, people will never forget you! :)
That is an interesting concept of just requiring registration for foreclosures only. I will have to try that on one of my websites.
I once allowed people to freely search and got no registrants at all. I now require everyone to register to serach and get about and average of about 20/week on each of our two major sites.
I received an internet lead from my foreclosure lead form yesterday and called the client right away. She laughed and said she had just taken her finger off the send button. Do you think she'll remember me? Yep!
Fran,
That's just it, calling right away or answering the phone when it rings goes a long way in building a client relationship, especially with leads that come off the web. You can bet that potential client is not just looking on your website and submitting requests for information or contact. The fastest Realtor who shows a genuine interest in the client's needs will win and you instantly start to build a reputation for being dependable.
Timely return calls are essential. Genuine enthusiasm, on the part of the Realtor, when speaking with a potential client scores unlimited points!